Bank Sohar Closes $250 Million 3 Year Syndicated Loan Facility
Bank Sohar has closed a USD $250mn three-year Syndicated Loan Facility in a move to extend financing solutions for Oman’s consumer and business segments. The facility was raised part of the bank’s comprehensive asset growth strategy that has proven successful throughout 2018, with the bank’s results for H1 demonstrating notable growth compared to the previous year. The facility was initially underwritten and pre-funded in by Bank ABC and Emirates NBD Capital Limited before being joined by a general syndication that closed with 11 banks participating from around the world.
Bank Sohar’s CEO, Mr.Ahmed Al Musalmi, said, “The new finance facility enhances the bank's long-term liquidity, as well as extending its liabilities structure and maturity profile. The loan enables Bank Sohar in the development medium and long-term asset portfolio and thus comprises an integral part of our growth strategy as Oman’s fastest growing bank. The syndication further provides an opportunity for the bank to diversify its funding sources across different currencies and create a window for entry into partnerships across the international market”.
Al Musalmi added, “The success of our syndicated loan facility has been delivered in less than favourable market conditions that usually dictate limitation, not opportunities for international collaboration. This aptly reflects the status of Bank Sohar and the confidence held by both regional and international banks. We are pleased to partner with Bank ABC and Emirates NBD, who have supported Bank Sohar in gaining a wider range of participants, as well as other lenders who participated in arranging this facility and help pave the way for a broader range of future partnerships”.
For more information on Bank Sohar please visit www.banksohar.net or call 24730000. You can also follow the bank on Facebook at www.facebook.com/excel.banksohar, on Instagram at www.instagram.com/banksoharexcel, or join the conversation on Twitter @banksohar_excel.
At Bank Sohar reiterates its commitment to create the finest banking solutions, services and products that will make them unique, distinct and different – like the proud heritage of Oman. As Oman’s economy experiences sustained growth and the non-petroleum sector emerges as an important economic force, Bank Sohar presents themselves as a 'one-stop financial super-mall' catering to the diverse needs of their individual and corporate customers.
The bank believe that the most effective way to serve their individual customers is to anticipate emerging needs and develop financial products tailored to meet these needs. By adopting a lifecycle approach to the household sector, the bank have created a cache of value-added products.This includes various savings deposits options, mortgages, consumer lending, insurances and wealth management products, customised to specific consumer touch-points.
Buy credits to publish your articles on Al Bawaba Biz here